Finance Ministry presents three new investor facilitation packages to PM to boost investment climate    Egypt, Bahrain explore deeper cooperation on water resource management    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt expands medical, humanitarian support for Gaza patients    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    African trade ministers meet in Cairo to push forward with AfCFTA    Egypt's President, Pakistan's PM condemn Israeli attack on Qatar    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Madrid trade talks focus on TikTok as US and China seek agreement    Egypt wins Aga Khan Award for Architecture for Esna revival project    Egypt's gold prices hold steady on Sep. 15th    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt condemns terrorist attack in northwest Pakistan    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Iran calls for EU help as shipping giant pulls out for fear of U.S. sanctions
Published in Amwal Al Ghad on 08 - 07 - 2018

One of the world's biggest cargo shippers announced on Saturday it was pulling out of Iran for fear of becoming entangled in U.S. sanctions, and President Hassan Rouhani demanded that European countries to do more to offset the U.S. measures.
The announcement by France's CMA CGM that it was quitting Iran deals a blow to Tehran's efforts to persuade European countries to keep their companies operating in Iran despite the threat of new American sanctions.
Iran says it needs more help from Europe to keep alive an agreement with world powers to curb its nuclear program. U.S. President Donald Trump abandoned the agreement in May and has announced new sanctions on Tehran. Washington has ordered all countries to stop buying Iranian oil by November and foreign firms to stop doing business there or face U.S. blacklists.
European powers which still support the nuclear deal say they will do more to encourage their businesses to remain engaged with Iran. But the prospect of being banned in the United States appears to be enough to persuade European companies to keep out.
Foreign ministers from the five remaining signatory countries to the nuclear deal — Britain, France, Germany, China and Russia — offered a package of economic measures to Iran on Friday but Tehran said they did not go far enough.
"European countries have the political will to maintain economic ties with Iran based on the JCPOA (the nuclear deal), but they need to take practical measures within the time limit," Rouhani said on Saturday on his official website.
WE APPLY THE RULES"
CMA CGM, which according to the United Nations operates the world's third largest container shipping fleet with more than 11 percent of global capacity, said it would halt service for Iran as it did not want to fall foul of the rules, given its large presence in the United States.
"Due to the Trump administration, we have decided to end our service for Iran," CMA CGM chief Rodolphe Saade said during an economic conference in the southern French city of Aix-en-Provence.
"Our Chinese competitors are hesitating a little, so maybe they have a different relationship with Trump, but we apply the rules," Saade said.
The shipping market leader, A.P. Moller-Maersk of Denmark, already announced in May it was pulling out of Iran.
In June, French carmaker PSA Group suspended its joint venture activities in Iran, and French oil major Total said it held little hope of receiving a U.S. waiver to continue with a multibillion-dollar gas project in the country.
Total's CEO Patrick Pouyanne said on Saturday the company had been left with little choice.
"If we continued to work in Iran, Total would not be able to access the U.S. financial world," he told RTL radio. "Our duty is to protect the company. So we have to leave Iran."
Iranian Oil Minister Bijan Zanganeh called the tension between Tehran and Washington a "trade war". He said it had not led to changes in Iranian oil production and exports.
He also echoed Rouhani's remarks that the European package did not meet all economic demands of Iran.
"I have not seen the package personally, but our colleagues in the foreign ministry who have seen it were not happy with its details," Zanganeh was quoted as saying by Tasnim news agency.
Some Iranian officials have threatened to block oil exports from the Gulf in retaliation for U.S. efforts to reduce Iranian oil sales to zero. Rouhani himself made a veiled threat along those lines in recent days, saying there could be no oil exports from the region if Iran's were shut.


Clic here to read the story from its source.